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June 30, 2022, 8:42 a.m. EDT

Heron Therapeutics to cut about one-third of its workforce as part of cost-cutting plan

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By Tomi Kilgore

Heron Therapeutics Inc. /zigman2/quotes/204568286/composite HRTX -1.27% said Thursday it will lay off about one-third of its workforce as part of a restructuring expected to save $43 million a year. The biotechnology company's stock was still inactive in premarket trading. The company said it's enacting the restructuring and cost cutting measures to address "the current market realities and macro headwinds facing many commercial-stage biotechnology companies," and to help support its acute care and oncology care franchises. The company said the cost cutting actions will mostly result from the reduction of 34% of its workforce, which would represent about 103 employees, based on 302 full-time employees the company had as of Dec. 31. Heron said about 70% of the jobs being cut are coming from research and development. The stock has plunged 65.3% year to date, while the iShares Biotechnology ETF /zigman2/quotes/206189322/composite IBB -1.39% has dropped 22.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.18% has shed 19.9%.

/zigman2/quotes/204568286/composite
US : U.S.: Nasdaq
$ 5.05
-0.07 -1.27%
Volume: 1.72M
Aug. 18, 2022 3:53p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$524.45 million
Rev. per Employee
$314,477
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/zigman2/quotes/206189322/composite
US : U.S.: Nasdaq
$ 128.59
-1.81 -1.39%
Volume: 1.56M
Aug. 18, 2022 3:53p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,281.83
+7.79 +0.18%
Volume: 2.22B
Aug. 18, 2022 3:53p
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